My wife and I are 60 years old. Should we skip our 3 unworthy children and leave everything to our 4 grandchildren?

When will I receive my stimulus check? I’m one of the 35 million people waiting, and I sent in my 2019 tax return this month

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Dear Quentin, My wife and I are in our sixties and we are both retired. My parents have passed away. I have no living brothers or children. My wife has 3 adult children in their 40s. Neither of them is a mature and responsible adult. (Alcohol, drugs, I can’t have a decent full-time job, etc.). They have 4 children.

We have some tough decisions to make regarding estate planning. Is it a viable option to skip the “middle generation” and bequeath everything to the 4 grandchildren? They are between 10 and 18 years old. We do not want the “middle generation” to profit from our estate, while cheating our grandchildren with their legitimate inheritance, and we do not want our life savings to burn with 3 unworthy children while the grandchildren suffer. Can a trust or will it assure us that our desired plan will actually happen? Concerned Grandparents You can email The Moneyist with any financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com Dear Grandparents: Can you skip the middle generation? You can. Can you skip the middle generation? You can. I don’t want to sound like an elementary school teacher, so let me assure you that my opinion is not a decision on whether you should or shouldn’t, it is simply a vote of confidence for you to trust your instincts and always remember that past behavior is the best. predictor of future behavior. A trust is a more private option than a will, and you can obviously set the terms of that trust and give the beneficiaries an income rather than a lump sum, if you are not comfortable with your grandchildren giving the money to their children. parents to support bad habits. You can also provide money from the trust to, for example, help with a down payment on a house on behalf of the beneficiaries.

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“‘Alternatively, you could add terms to trust to encourage good behavior in your wife’s children.’ ”

Alternatively, you can add confidence terms to encourage good behavior in your wife’s 3 children. “Incentive distribution schemes are common ways that clients boost productivity. If a beneficiary is in school, cash distributions from the trust can only be made if the beneficiary maintains a certain grade point average, ”according to The Sketchley Law Firm. Similarly, any distribution to your children or grandchildren could require proof that they have been alcohol or drug free for X years. “Distributions may be conditional on continued participation in drug and alcohol counseling, completion of inpatient rehabilitation programs, or remain free from any other drug or alcohol related criminal or trafficking offenses,” adds The Sketchley Law Firm . Your letter arrives in a timely manner. I moderated a public online meeting “MarketWatch: Mastering Your Money” and hosted a session on establishing wills and trusts with Elizabeth Forspan, Estate Planning Attorney and Partner at Forspan Klear and Amy Zehnder, CEO of Leadership and Legacy Consultant , Ascent Private Capital Management of US Bank. Zehnder summed up the difference between a will and a trust like this: “You don’t want all of your things to be visible to everyone, lying in the front yard. And that is legalization! Trusts help maintain privacy. “If you decide to have a conversation with your children about a trust and are not required to do so, Zehnder suggests using words like” hopes, dreams, achieve and preserve. “Forspan recommends that wills and trusts are reviewed and, if necessary, updated every 4 to 5 years. “At any time, there is a major change in the tax law, or if there is any change in the situation of your family, or if you divorce, get married or God forbid, if someone in your family dies, you should always have a plan. And appoint a power of attorney in case you become incapacitated. ” There is a lot you can do to help your children and grandchildren, whether they see it that way or not. Hello MarketWatchers. Take a look at Moneyist’s private FB Facebook group, -2.91%, where we search for answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns.